House Passes Flood Bill Extension
|June 29, 2010|
A bill to extend the authority for the National Flood Insurance Program to Sept. 30, 2010 was passed by the House Wednesday.
Lenders have refused to close loans on properties that required flood insurance, since the insurance program expired May 31. The bill would make flood insurance coverage retroactive and would include all approved applications since that date. The bill now goes to the Senate for consideration.
The American Land Title Association joined several other associations urging Congress to immediately reauthorize the National Flood Insurance Program (NFIP), which expired May 31.
Click here to read the letter.
More than 1,350 closings per day are affected by the lapse in the NFIP, according to the Federal Emergency Management Agency (FEMA) and the National Association of Realtors (NAR).